New landlord for Limonetto - the best homemade gelato found outside Italy at Docklands

The conical shaped home of the gelato outlet Limonetto at 35 NewQuay Promenade in Melbourne's Docklands has been sold for $740,000.

The waterfront building sold before auction on a 7.4 per cent yield.

There was a net income of $55,000 p.a. and a new 5 year lease with options.

It had previously been on the market in 2015 but failed to sell.

Colliers International's handled the sale in conjunction with Kenny Oliver of Hocking Stuart Commercial.

The property received multiple unconditional offers before the auction.